Dole Food, Murdock Announce Acquisition Agreement

WESTLAKEVILLAGE, Calif.Dole Food Company, Inc., and David Murdock, Doles chairman and chief executive officer, signed a definitive merger agreement allowing Murdock to acquire all of the company's outstanding shares not currently held by him. The transaction is expected to close during the fourth quarter of 2013.

Under the terms of the merger agreement, Dole stockholders will receive $13.50 in cash for each share of Dole common stock that they hold. The transaction places the total enterprise value of Dole at approximately $1.6 billion. This price represents an increase of $1.50 per share from the original proposal Murdock delivered to Dole on June 10, 2013, and a premium of 32% over the $10.20 per share price immediately prior to the proposal.

The company's Board of Directors unanimously approved the merger agreement. This transaction is subject to a number of conditions, including approval by at least a majority of the outstanding shares of common stock held by stockholders, other than Murdock and his affiliates.